Enauta Takes over 100% Working Interest in Atlanta Field

Source: www.gulfoilandgas.com 4/8/2021, Location: South America

Enauta Participacoes S.A. (Enauta) informs its shareholders and the market in general that, following the material fact published on December 21, 2020, the National Agency for Petroleum, Natural Gas and Biofuels (ANP) approved the assignment of the 50% working interest from Barra Energia do Brasil Petroleo e Gas Ltda. (Barra Energia) in the Block BS-4, where the Atlanta Field is located, to Enauta Energia S.A. (Enauta Energia), a wholly-owned subsidiary of the Company.

The definitive conclusion of the transfer is conditional upon settling the warranties and signature of the addendum to the Concession Agreement. Once concluded the transfer, Enauta will hold a 100% working interest in the Atlanta Field. The agreement signed with Barra Energia also provides for the transfer of US$43.9 million to Enauta Energia, related to the abandonment operations for the three wells and decommissioning of existing facilities in the Field.

“The decision to increase our working interest in the Atlanta Field was guided by studies that evidenced its potential. We are focused on increasing operational efficiency and reducing costs of both the Early Production System and the Full Development System. We launched in March the bid for the FPSO of the Full Development System and, in line with our strategy of portfolio diversification, we are now seeking new partners to develop the Field. We have no doubt that Atlanta is a resilient project, capable of creating value for the Company”, affirmed Mr. Carlos Mastrangelo, Enauta Production Officer.


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